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forward hearing from both men later in the program. as for the deal itself, if you're a new york stock exchange shareholder, mr. spreker built this account the past decade. 36% of the combined company will be controlled by current new york stock exchange shareholders. you get a premium. also an opportunity to participate in the continued growth of what will be a trading ba he months. they trade stocks. energy, interest rates, commodities, agriculture, that's what it's bat. global platform for the trading in so many different asset classes, particularly as it relates to derivatives, putting these two companies together this way. cost synergy is very important. $450 million what they are looking for. say that will take place after the second full year, realizing all of them but almost 80% within two years of closing. that's related to technology savings. clearing duplicate expenses, one public company instead of two save money. there are going to be some job losses one would anticipate here as well. women see how ice shares do today, of course, a growth company, so in growth shareholder
, that was interesting. new york values went up as well. lori: markets are scattered. that is a debate over what the fines wealth in america, cost of living, property values, you can't have one single threshold the works across the board because -- lori: bringing it back to taxes. melissa: i love it. lori: and $8 billion deal, what does it mean for the future of trading? charlie gasparino will be along with exclusive details. melissa: look at how the dollar is fairing, the market up slightly and with that, currencies are weaker across the board. we will be right back. melissa: we want to take you to capitol hill, john boehner. >> the president called on the house again and again to pass a bill to protect 98% of the american people from a tax hike. today we will do better than that. our bill will protect 99.81% of the american people from an increase in taxes. it is permanent tax relief for individuals. a permanent hatch on the alternative minimum tax, the marriage penalty, death tax relief and permanent extension of higher child tax credit and capital gains and dividends rates we see today. all
dropping to its three month low. very mild. looking at behind me in new york. what are we missing as a play, an investment like? are we in that very land and? >> we've been calling for lower natural gas. most of the profit is best. the sale at 380-385. right now it's an oversold market. 327 is the low. we hit it today anywhere between 327 and 330 i'm buying. and on the upside 342-345. i don't think we will see it again this year. liz: never again. >> okay. never again. liz: the collective commodities, the dollar, what the fed did. that seems like a million dollars to 5 million miles away. but in these next two weeks from a trader perspective. people just at the way or are they fully in because we don't have an answer? >> there will not be fully in. what we have right now, an argument between deflation and inflation. the numbers coming through, especially today. the fed is pumping action of billions of dollars in the market every month. the same time they're staying low or longer or slower longer which is an inflationary message . liz: again, people still look at that as a safety play, and i
school is the highest paid in the country. that is right here in new york city at more than $3 million. >>> national hockey league is canceling its regular season through december 30th, i know, due to lack of collective bargaining agreement. 526 games, more than 40% of the season has been canceled. that unfortunately is that [buzzer] that is end of today's speed read. liz: it is disgusting. it is horrifying. we don't seem to be any closer to a resolution on the fiscal cliff even though many are warning that the economy could face dire consequences if there is no agreement but one strategist says, why are you worrying about december 31st? that deadline isn't even the real fiscal cliff. david: that strategist is none other than peter schiff, ceo of europacific precious metals. friend of the show. peter, although i wish it was under better circumstances. you say the real cliff coming is bigger han the housing mess, bigger than the housing crisis we went through. it's the bond mess. specifically when the fed stops printing money to buy up treasurys all hell will break loose, right? >> wel
about what you put into your gas tank. let's get up to speed, back the floor of the new york stock exchange and nicole petallides. economic data on the service industry. nicole: looking good, lori and melissa. up 125 points. after two days of selling we are seeing some market action to the upside. we are above the 13,000 mark, well above that. 13,076. the nasdaq squeezing it out. concern for apple, but financials are doing well. let's take a look at the group. laying off 11,000 workers, that is the plan. a new ceo in place and he wants to make his mark. up 6.5%. it is under pressure, nowhere near $700 for the all-time high in september. the latest findings other actually going to use the market share for the ipad to the android in some microsoft folks, they're facing intense competition. with the findings you see stocks down 4%. back to you. melissa: interesting. lori: thank you. melissa: a battle for a deal inn the fiscal cliff continues, democrats cannot seem to find a compromise on top earners. rich edson is back in the white house with more. >> president obama said look, if rep
. let's go to the floor of the new york stock exchange. the market having a good day today. nicole: indeed. we have been over the 13,300 mark but still holding onto stellar games, lori and melissa. so up triple digits up 110 points so really is a nice showing. 28 of the 30 dow components in the green. we heard from house speaker john boehner. the overall sentiment after he spoke is a few negative pieces of language in his speech that ultimately in the end he was trying to say they're trying to work it out. smooth it over, ultimately. they know a couple of trends we are seeing, technology, materiall, two areas coming under pressure recently starting to turn. europe seeing improvement helping equities along as well. lori: not sure if you mentioned the fed. we were talking about it at the top. talking about their expectations of ben bernanke. nicole: would even throw out the idea of stimulus? that helped things along pushing us along throughout this entire last six months. lori: absolutely. thank you so much, nicole petallides on the floor of the new york stock exchange. protests turn
of agriculture decision to cut the greens demand forecast. fact activity in new york state declining for the fifth month in a row in december as new orders dropped in the labor market remains weak. the new york fed empire state index falling into negative 8.1 from negative 5.2 in november. liz: we have larry in the pits of the chicago mercantile exchange. he will let us know about the clothes. the fiscal deal is coming. they will find out in a second, and says the market is heavily discounted and at historic levels. should you jump in? a 100-point gain on the dow jones industrial a full percentage point for the russell and the s&p and the nasdaq rather. this is a great day, isn't it? >> a good day, that is for sure. kind of took an informal poll on the floor ask a few traders are we going to reach the fiscal cliff, are we going over it? certainly most traders were not in agreement. everyone is in agreement we're not going to go over the fiscal cliff. liz: the highest of the session of the last hours of trading, what does that tell us about the next couple of days? >> traders have con
an exchange like the nasdaq or the new york stock exchange tries to make any kind of merger or acquisition, it's usually rejected lately. >> well, i think what we've looked at is bringing together canada's financial markets under one institution so we can really have a very strong market. now, there are competitors. we have alternative trading systems that are owned and operated by other entities, and a low barrier to entry for new organizations to come to canada. but the reality is that we think we offer the most comprehensive services. david: let's talk about how our regulations might affect your companies. dodd-frank is going to have worldwide implications. >> well, dodd-frank's really important to us. in fact, i've spent personally a lot of time in washington over the last year as dodd-frank -- david: did they accept your input? >> for sure. the cftc, in particular. it impacts us in important ways because as our institutions execute interest rate swaps, they're going to have to be bilaterally cleared. or multilaterally cleared oz opposed to -- as opposed to bilaterally. and that's importan
in the air. atlanta will have delays. as the system moves east on the weekend, even new york and boston will have delays from this storm. and then we'll talk about the west when we get back with the rest of the weather. it is a messy next couple of days. >> real sloppy. sam, thanks very much. >>> we'll get the latest on that fiscal cliff. down to 12 days before everyone's taxes go up and every government program is cut. and that is a little more likely this morning, with private talks frozen and both sides blaming each other for the breakdown. abc's jonathan karl has all this from washington. all of the focus on speaker john boehner's fallback plan, what he is calling plan "b." >> reporter: that's right, george. talks have got son low, i would say this is the low point, that boehner is moving ahead with the backup plan that the president so opposes, he says he will veto. under plan "b" most of the tax cuts will be extended for those making over $1 million. for those over $1 million, the tax rates would go up. this could do nothing to address the issues. like spending cuts and the debt c
to tell you, it's still the highest price for gas ever at this time of year. new york still the highest in the continental u.s., 3.78 in new york, that's the average and missouri the lowest, $3.01 a share and missouri is the only city, only place, rather, where we found major cities with the average price under $3. again, the star is st. louis, at 298. let's get back to apple, losing its cool, maybe. and mark is still with us, the editor in chief of laptop magazine. all right. i want to talk about-- let's see, this is the microsoft surface tablet, all right. >> yes. stuart: now, is this a threat to apple's dominance of the tablet market and apple's dominance of cool? do you like this thing? >> in the short-term i don't think it's a threat, but there are some things that surface has especially for workers that the ipad doesn't, one of the things off the bat you'll notice this has a smart cover, sort of like the ipad, but this one has a deboard built in and you see on the back, this little kick stand in the design, lets you prop it it up. lets you use it as a mini laptop. stuart: do you g
-- dagen: this is the 24th state. >> it will never happen in new york or a place like new jersey. they do not have the legislatures that will pass this. let's be realistic about it. all you have to do is look at a map of america and you would understand that. there are limits as to how far it will spread. we have a really historic battle among the states. it is a battle over tax rates. for all of this talk about tax increases, you have places like kansas, wisconsin, louisiana, cutting taxes. because business investment is so stingy right now, this battle is really historic. i think we will see more winners in the states. dagen: right to work states over the last decade have grown faster. >> it is and important component. it will be more so, i think, going forward. the combination, state tax rates in federal tax rates, they are really getting onerous. connell: as peter barnes pointed out, how involved, or will he get involved in this at all going forward? >> well, your guess is as good as mine. here is the thing, you know, of all places that you can go in america, discussing the fiscal cli
meeting is in new york. liz: the opposite of the giants. charlie: whatever. i got what you mean. but the board on these two bids finally the saga is it looks like it is coming to an end. what is interesting here is that the board has been meeting since 8:00 a.m. why is it taking this long? you would think, former new york mercantile exchange chairman who allegedly put up a cash bid. if you put up a cash bid for $3, this thing is done. i wonder there is something about financing. 1.50 ye$1.50 billion. they literally have financing from our place. they wonder why they did it not being hit very hard. on the other hand, they virtually do the same thing. high frequency trading. they want to get the market making unit. it is a hard business. making the market, putting the buy and sell together. the handle retail order flow. why aren't they hitting this thing? the bottom line is the employees, we have been reporting this last couple of days but employees are shot themselves to other firms because they ar they're likely t fired, likely to take non-core businesses and basically sell them
taken to danbury hospital. our new york police reported one child may have been shot in hand. another in the face. the gunman is reportedly dead. officials telling the ap the shooter had two guns. we are looking at live pictures from our affiliate in new york, w. n.y. w. a gunman was in the main office of the school shortly after 9:40 a.m. eastern time and one person in one room had numerous gunshot wounds. investigators now searching the school with police dogs. dozens of heavily armed state troopers on scene. live pictures telling it all right there. surrounding the school, agents on scene as well, we're learning a code red has been issued to the surrounding towns. state police will news conference at 1:00 eastern, we will bring you those updates as they come. this is an unfortunate story that has continued to unfold. more details coming in by the minute and we will keep you updated. dennis: college for $199 a month. that is what university now is charging for unlimited online classes. we are joined by ceo jean wage. thank you for being with us. let's start with how many students ha
at the economy, the looming fiscal cliff. my partner, tyler mathisen kicks it off for us at the new york stock exchange. >> thank you very much. it is a quiet day down here at the new york stock exchange where the major averages are not really doing very much at this hour. let's take a look. the industrials are down 7 2/3 points at 13,163. nasdaq a little bit lower also in percentage terms. also a percentage at 29891.48. 2 3/4 right now at 1416.74. it would appear the markets are watchfully waiting to see what comes out of washington, if anything. of course, mr. boehner has gone back to his home in ohio for the weekend. the president is on duty at the white house. there are phones, as mr. boehner said, in southern ohio where he lives. if there are any developments, the two gentlemen certainly will be able to get in touch with one another. meantime, there are some individual stock stories of interest at this hour. and one of them concerns facebook. be a facebook lockup expires today and 150 million shares will open up on the market. the last time we had a lockup expiration many expected to see
of the new york stock exchange. nicole: it really is a time to shop. let's take a look at the major market averages. the tech heavy nasdaq is squeezing out some games. it is up about five points. some other traders talking talking about the fact that yesterday they got a lot of monetary policy. then they start to get economic news of things the a little bit better. they have to digest each piece of economic news. there is a look at the dow. 13,237. it is down about eight points. let's talk about best buys. from 1956, that is when he founded best buy. he is moving ahead. it could be by the end of the week. it is up 15.5%. connell: a news alert from washington. you will see it here live from d.c. as we wait for the speaker, we will hear from a guy who says >> whatever god deal is signed, there will be a lot of pressure. boehner will have to cut a deal that raises taxes. their idea of fiscal conservatism, for two decades, has only been about taxes. meanwhile, under current sentiment, underneath him, why don't you finally go after spending. those tea party people will be completely hostile to
's and dwayne reed's in new york are things of beauty and among my favorite places to shop and those who watch "squawk on the street" know i like to shop. i go to my dwayne reed's twice a week and the store manager tom does a great job. my inclination is this is a buy on any weakness and if it weren't for the gigantic acquisition i would say don't wait for the weakness. it's got a bright future ahead of it. beyond earnings monday the empire state manufacturing report from new york. in full-blown weak data mode want to see if business is rolling over. so the empire manufacturing number will set the tone for the rest of the day for things that ge doesn't cover. the fed told us businesses are ratcheting down spending. this is what we could hear. here's the bottom line. it's time to get used to the idea that we're going over the fiscal cliff. ready yourself to take a big hit in a couple weeks. but don't forget that individual companies still matter. if you really like one of these companies, i'm going to suggest buy half and then wait to see if we go over the cliff and buy the rest. let's go to te
minutes, let's had before the new york stock exchange, nicole petallides standing by. down 13. nicole: this is one of those markets with a lot of anticipation. every focuses on the fiscal cliff. tomorrow is the all-important jobs report for a lot of folks have been hearing more economic news which has been more dismal lately. talk about more layoffs they have seen in november. right now the market is not too far off the unchanged line. the acidity holding 1400. the tech of the nasdaq still below 3000. today apple is now moving into the green and that is one of the reasons why it is holding on to a quarter percent gain. apple $700, 705 in september traded as low as 518 today. certainly has been under significant pressure, however people use that as a buying opportunity which is evidenced in the two-day chart. with the fiscal cliff fast approaching, naturally it's about time lawmakers took a long recess. >> they're gone today, but will be back tuesday. it meets with small businesses in their district, they will highlight what they say i see ae small business tax hike president obama is
-laundering probe from the transfer of billions of dollars. the u.s. attorney for the eastern district of new york. >> the european and middle eastern entities routinely do business with countries on the u.s. sanctions list. they then funneled hundreds of millions of dollars of transactions through the united states through hsbc there. be evading u.s. prohibition on such transactions by disguising the force of the fund so payments could go for a. hsbc has admitted its guilt to the four count information filed today which sets forth two violations of the bank secrecy act, violation of the international emergency economic powers act and violation of the trading with the enemy act. as part of its resolution of these charges hsbc has agreed $1,256,000,000, the largest amount ever by a financial institution for compliance failure. they also agreed to pay civil penalties of $665 million to resolve parallel regulatory actions brought by the office of the comptroller of currency and the federal reserve bank for a total recovery of over $1.9 billion. the resolution also requires hsbc to implement a series
him. >> thank you, david. david: many folks in new york and new jersey, still, still can not go back to homes and businesses. so why is the sandy spending bill send lots of money to d.c.? a look what is in the $60 billion bill for hurricane sandy. liz: money to d.c. but it hit new jersey and new york. come on people. david: there you go. liz: how is this for an alternative investment? the judy garland show. rights to all the episodes. 26 are up for auctions online. how much are they expected to fetch? what is the earning potential here? we've got the man selling them. do you want in? remember what it did for elvis >> just about 42 after the hour. i'm arthel neville. this is update on breaking news story out of newtown, connecticut, where 26 people including 20 children are dead in one of the worst mass murders in our nation's history. president obama deliver ad statement last hour saying the u.s. has been through shootings like this too many times and meaningful action will have to be taken regardless of politics. the president also ordered the u.s. flag be flown at half-staff at all
'm melissa lee live from the new york stock exchange. negative across the board, looks like we're going to lose about 8.5% on the dow. we're watching for headlines out of an ecd press report. our road map this morning starting with apple, cratering on its biggest decline yesterday on four years, closing just pennies off the lows of the session. the stock continues lower premarket as investors watch the death cross watch. >> a cnbc exclusive, tim geithner says over the cliff is a must. >> bank of england and ecb keeps rates unchanged. europe continues to hang in there economically. >> and nat gas gets a boost. the government finds exporting it is better than keeping it here at home. >> apple as we mentioned in the spotlight today, shares of the tech giant coming off their worst day in four years, sliding back into bear market territory. the one day loss erased nearly $35 billion in market cap. that chunk is bigger than 400 other s&p 500 companies. apple ceo tim cook talked to nbc's brian williams in our rock center exclusive. >> why can't you be a made in america company? >> you know, th
going to open $9 lower than yesterday. and nicole is on the floor of the new york stock exchange, and tell me, is anybody down there talking about apple at this price as a buying opportunity? >> 100%, everybody is talking about apple. when i'm talking to traders what they're seeing with apple when i talk to mark newton, and he says the momentum is lower and next couple of days, two, three days probably lower, but then that's a buying opportunity. what what he said. he saw it as a buying opportunity. the highs were above $700 in september. stuart: yeah, september the 21st at 7:05. this morning, pre-market 520 now, down another $9 from yesterday's close. we'll have you back at opening bell. thank you very much. remember this controversial video we showed it to you yesterday from the california teachers union. it's a cartoon about the tax the rich debate and shows a rich person urinating on poor people, unbelievable. ed asner did the voice for it and he doesn't seem remorseful. watch this. >> remember the video? >> i don't remember a thing i said on t or a word i said on it. i agre
the people in new jersey and new york are not left high and drive. because it's a national issue. when there's an emergency, we just don't all say, everybody on their own. which is often your theory. no, everybody in this country isn't always on their own. we are a national community. and when there's a tragedy, when there's some kind of event in new jersey, new york, we all have a responsibility, accountability. don't use that as a dodge for saying, let's act. the auto industry would have been on its -- just destroyed. >> about 1.5 million jobs, i might add. >> absolutely. and we had accountability there. >> let me get a word in here. i know you want to dominate the conversation -- >> no, i want you to get to the point. >> we now agree there should be additional language in the legislation to have accountability. that is a great point. so far there wasn't that accountability when you voted in the past on a bailout to states in this area. it's good that we moved that point. i look forward to working with you to provide that accountability. >> there was accountability in terms of help for gm
an apartment, it was not that valuable. >> it's not practical for a new york city dweller, for instance. >> when you get houses, you see the mexican properties? i'm saying they're going up there. >> oh, really? >> yeah. if anybody wants one. >> available for weekend rental. >> semiautomatic weapon included. >> somebody stole it from me, he thought i was going to stop there, and let hem get away with it, and that's not really my style. >> would you kidnap jim cramer, david? i'm not sure. >> no. >> it would end there. >> it never ends. >> if the guy had done nothing, i would have said fib. but i found him -- no one has seen "taken 2." >> how could you not? what a great franchise. >> i know. >> she's been taken. >> really bad luck. >> when we come back, apple tv, microsoft surface tablets, we'll bring you the latest development regarding both of those. more from the deal book conference in manhattan, including an exclusive with lloyd feinstein. 11:00 a.m. eastern time. hanging on to gains. at the nyse, when we return. can i help you? i heard you guys can ship ground for less than the ups s
to keep moving them along. >> i think that's really true. quickly, what ec for 2013? not just in new york, but across the country. it is a big boom? small boom? doesn't creak along like it has in the past? >> my own gut is that creaks along. it doesn't get to be a real boom unless we have some policy changes. employment gets addressed, things like that. which still hasn't been done. otherwise, it's going to creak along. gerri: what i love about you is that you always say what you think. you don't dress it up. you don't try to make it look better than it is. you tell us what you really think. and i appreciate that. thank you for coming on, and have a great holiday. still to come, veterans are always on her mind, especially during the holiday. we will hear from one man going above and beyond. and i asked some familiar faces around the fox business network what they are asking for for christmas. you will hear some pretty funny stuff coming up next. ♪ ♪ [ male announcer ] they are a glowing example of what it means to be the best. and at this special time of year they shine even brighter.
'm bill griffith. welcome to "closing bell." maria will be along here in a few minutes at the new york stock exchange, and we add our sentiments as we continue to update you on the horrific massacre at the connecticut elementary school. our deepest prayers and sympathies to all of the families and others hit by this senseless tragedy. the horror of the story may have muted trading on wall street today, as all priorities are being rearranged in a moment, and we will get you caught up on these markets in just a moment, but first we want to let you know. president obama is set to make a statement on this tragedy from the white house around 3:15 eastern. our john harwood is in washington with some more details on what we know right now. john? >> reporter: well, bill, the horror of this tragedy is also muted talk of anything else in washington for the day, including the fiscal cliff and all the issues that we've been discussing for some time now, but one of the jobs of a president is to console victims and to console the nation at a time of grief of this magnitude, so we're going to hear fr
of daylight. that's the forecast for today as we get toward new york. high around 43 degrees. buffalo up to around 38. boston, high of 40. into the midwest, we're warming up a little bit here around chicago. we've got temperatures working into the 40s today. 51 in st. louis. 38 in minneapolis. that's going to feel nice after a couple of days in the teens. here's the preview for the next storm. this arrives for saturday. mostly rain. snow across minnesota. northern wisconsin doesn't look like a major event. but for some of the ski areas, new york state up into new england, sunday, this could be a good-looking forecast. maybe some snow here. looks like rain down the city toward washington, d.c. too warm for snow out of this one. stay tuned. next wednesday, guys, could be talking about a nor'easter, it's been a while since we've seen one of those. >> oh, no. >> just want snow. it's not -- correct me if i'm wrong because i've been wrong, it's not winter yet, is it? i'm afraid to say how many days it is because i'll mess up the math. it's not winter yet. we -- >> it's technical. in weather wo
never failed to get their money. but they're trying to put in a -- according to "the new york times," at least, a deposit guarantee system as well for the banking system. >> sounds like all systems go there. >> we'll see if this continues next week. meantime, we'll talk apple debuting the iphone 5 in china today. the iphone news isn't preventing apple shares from falling in the market. cutting the price target to $700 from $780. he does maintain a buy rating and said apple needs to expand more geographically. it's not dead, it's not -- but it needs to find ways to innovate its products. we sort of saw this coming. steve had a caution note on apple a few weeks ago which stalled the stocks. not entirely a surprise. he is obviously a well respected analyst on the street. >> when you have a price target that is well above the stock, there's tremendous pressure for you to cut the price target. like there was tremendous pressure to raise the price target. i want to warn people, there are people who have much higher price targets. the analysts will probably join the fray. not sit in the bu
the audience what we're talking about. >> the front page article on the "new york times" is titled bribery aisle. it's about walmart and the mechanics cal can business that was aggressive and creative and a corrupter offering large payoffs to get what the law otherwise prohibited. the times reports that the retailer wanted to build a store in an alfalfa field in a town's main entrance which was barely a mile from some ancient pyramids. the town's elected leaders had prevented the new zoning map that would have prevented it. walmart officials decided to undo the damage by a well played bribe and the guy drawing the map drew it a little differently. >> that's exactly what happened. they found the old map and the new map. they found a disk in a shoe box showing the differences. it was incredible. >> the zoning map would not become law until it was published in a government newspaper, so walmart reportedly arranged to bribe an official to change the map before it was sent to the newspaper. walmart issued a statement saying the allegations are part of that company's ongoing investigation of the
in with nicole on the floor of the new york stock exchange. wall street optimistic for fiscal cliff deal? nicole: that is right, as a deal gets closer and closer, the sentiment is it gets done at least partially in some way shape or form. talking to the traders, that is what they say the market is telling you. positive results out of washington have been priced into this market. the dow jones industrials dropped nearly 1%. the nasdaq up 1.4%. a look at the dow jones intraday with a majority of the dow components all into the green, names like bank of america leading the way, oil services all doing well, and talking with equity partners and said why does it pop right now if they think the fiscal cliff talks come to fruition. he said people are chasing. some people taking short-term profits, but altman o alternatee are still believers in a santa claus rally and the fact washington will get it right. melissa: nicole, thank you very much. proposals to avert the fiscal cliff coming fast and furious right now. we want to get you up to speed on where every proposal stands. for the first time the presid
standing by at the new york stock exchange. nicole: i am looking at avon products. you may remember coty which made a bid and then made a sweetened offer and avon rejected it. now it is up 5%. it is a top performer on the s&p 500. alpha is now reporting that coty may step in again. this was back in may when they raised their bid to 24.75. it sounds pretty good when you are trading at $14. we will see what actually transpires. right now, we may be seeing coty stepping in once again. cheryl: nicole petallides, thank you very much. should the u.s. start exporting natural gas? with the benefits the overall worth it? liz claman talk to a man at the forefront of this. andrew liveris. liz: let's go all in. the report makes a bold prediction. it will boost the u.s. economy $547 billion in just seven years and create jobs, which, of course, we desperately need. >> one report does not make a plan. it is fundamentally flawed. $90 billion at $3 million actually 20 times value that would be under threat if they went ahead and took the recommendations of this report. it ignores the manufacturing secto
of people who feel like doug cast does who writes with me with a piece in "the new york times" saying that -- >> most stuff is nontaxable accounts any way. most stocks that people won't be as motivated to sell as people think. of course that doesn't necessarily deal with the increase in payroll taxes and the whole recession side of it. it does deal with the stock market side in terms of selling. >> why not say, listen, fiscal cliff, i have to cut numbers. i have to cut guidance. i think many ceos will cut guidance because of the possibility that the amt is going to -- this alternative minimum tax, people don't know they have to write a check for $3,500 at the end of the year. once you jump over the cliff, you can reverse the payroll tax. senator corker who is terrific and had good privilege of talking with him this weekend, we both know you can't reverse amt. once you go over the cliff, amt is insidious. it's hard to figure out. >> in terms of negotiations we will sit here day after day, is it more theatrics, are they really stalled, will we get down to something at the end of the day
. welcome to "squawk on the street." we're here at the new york stock exchange. let's get a check on how we're setting up for the first trading session of the week. we certainly have a lot to chew on over the weekend with the sunday talk shows, focusing on the fiscal cliff. it looks like we're looking at a lower open for the dow. as for the action in europe, really, the action focuses on italy where there's an impending political regime change. more on that in just a moment. the road map starts at the golden arches. mcdonald's blowing out expectations for november sales after the dismal drop in the month of october. hoping to fuel the rise, the bacon/onion/cheddar sandwich. >> there's one thing for certain, taxes on top earners are going up. >> turmoil in italy. berlusconi throws his hat in the ring. retail sales numbers out of china, hoping the economy is in fact on an upswing. >> apple, enthusiasm. jeffreys trimming its price target to 800 from 900, as apple shares do trade lower in the pre-market. we'll start with mcdonald's, posting better than expected november same-store sales, global
problem. >> we've only got 25 days until the fiscal cliff. >> according to "new york times," house speaker john ba boehner has asked democratic leaders to step aside so he and the president can negotiate a deal one on one, and no one is objecting. >>> the crisis in egypt remains volatile, with massive anti-government rallies planned today. >>> heartbreaking survival story for a woman stranded in the snow in the california sierra nevada mountains. >>> shoppers at a seattle macy's had to be hospitalized when an escalator they were riding malfunctioned. >> fire to the end zone. touchdown. >> broncos with their eighth straight win. >> all that -- >> three, two, one! >> my 50th birthday, she gives everybody a car and then she's all, thank you for coming to gayle's birthday! >> we're talking about oprah, right? >> no, of course not. >>> and all that matters. >> south carolina tea party says jim demint is resigning. >> leaving the senate a lot better than i found it. >> jim demint leaves some big shoes to fill. >> jim demint leaves some big shoes to fill. then again -- captioning funded by cbs en
on refills at advaircopd.com. >> moments from now, a single bell will toll on the new york stock exchange, signaling the beginning after moment of silence for the victims last friday. it will be observed in newtown, connecticut as well and also by us. . [bell ringing] [moment of silence] . [bell ringing] [moment of silence] [bell ringing] [moment of silence] [bell ringing] [moment of silence] [bell ringing] [moment of silence] [bell ringing] [moment of silence] [bell ringing] >> the bell that you're hearing right now, will ring 26 times and it's the bell in newtown, connecticut memorializing the 26 victims who died exactly one week ago and there was also a moment of silence there at the new york stock exchange and the nasdaq, all right. trading has now begun this friday morning. stock prices way, way down. let's check the big board, very, very early going in just a couple of minutes into the session and down 62 points and probably heading a lot lower than that. plan b, as we called it, is history. there is an increase, a very sharply increased chance of all of us going over that fiscal c
you see this "new york times" piece? more support for boehner now than anytime in his speaker ship. is that's setting up for -- >> but it is social media and twitter allows to you see these things. >> sausage factory into the front of the kitchen. >> exactly. >> geithner didn't use the word marginal rates had to go up, just said rates. >> rates are already going up. there will be a tax increase to people making more than 250 anyway because of the health care law. so the idea that somehow they will get a freebie is just crazy. >> california at 52%, new york and other places -- >> when you add up all the state and local taxes. hawaii is above 50, as well. >> hawaii is worth it, though. >> california is not bad either. >> unless you need to drive somewhere. right? and don't have a helicopter. >> there's a reason the president takes a helicopter anywhere. you can't drive in d.c. sdl those a >> boston in the city can get like that. last night i was thinking in my mother was still alive, cincinnati versus here, she would see like ten cars an and go oh, i can't believe people -- if she ha
delays there. in vegas, miami and new york, minor to no delays whatsoever. that's the good news. very quickly, let's talk about the east coast. so far, so good. scattered showers on parts of the coast, but new york city expecting a high of 45 today. mostly sunny in the ohio valley, into parts of the northeast. still scattered showers in parts of south florida getting very close to the record, the yearly record of rainfall in miami. as we wrap it up, from fargo and on the other side of the river, expect snow showers. still balmy, beautiful showers in dallas. mostly sunny and 65. back to you. >> reynolds, thanks so much. thanks for flag along. >> you bet, guys. >>> americans want action when it comes to the fiscal cliff. john, you'll give us some of the highlights, but with what we've told them about what will happen if we go over, i guess we shouldn't be too shocked that they don't want to go over. we've basically said there could be a recession, there could be millions of job losses and everything else. so i guess we probably shouldn't be surprised by that. >> no, we shouldn't. they'v
to be optimistic worried that the heightened worry of others will help us. let's go to ct in new york. ct. >> caller: hey, big boo-yah to you, jim. i'm talking to you today. a couple weeks ago i was in pain. i was in the house of pain. today it's tough, and i'm talking now ♪ hallelujah so now tell me, am i staying with it or losing my mind? >> this is controversial because i'm just going to tell you the news. and the news is is that apparently sales are very good for it, okay? if sales are very good for it, the stock can go higher. i actually tried to dodge a very bad move and got people out. you can say well, listen, jim, why are you telling people to buy it now? i'm not. i'm just telling people that the news is positive. there's too many other stocks out there that i'm trying to help you with. i can read you the news. i don't have any other insight. let's go to jim in florida. jim. >> caller: big boo-yah from sunny brooksville, florida, jim. >> sweet. what's going on there, partner? >> caller: first thanks for what you do for us. >> thank you. thank you. >> caller: i have some real so
-electing the president. i've got to say david democrats especially from states like california and new york, senator schumer had a simple over in the senate, where those states and certain cities in those states, $250,000 a year, catches a lot more taxpayers than it does elsewhere. david: rich edson great reporting all day rich. thank you very much. rich: thanks. liz: we still don't know what the new year will bring for you and your taxes and your tax filing. that could make life difficult for tax preparers. up next, the ceo of liberty tax, john hewitt on the fiscal cliff, how he's advising clients and why tax refunds could actually be delayed. david: how many different possibilities could there be? he will tell you. plus how about a big mac on christmas? why is mcdonald's expecting its biggest day ever on christmas day? that story is coming up in today's speed read. ♪ girl: don't look at me. second girl: your hair's a bit frizzy today. aw! ha ha! you should pick that up. announcer: every day, kids witness bullying. poor you. ha ha! they want to help but don't know how. teach your kids how to be m
at the new york stock exchange with eyes on a possible energy takeover. >> reporter: i agree with you, liz. adam used to say a lot of cute things, the woman who loves the cleveland browns, little tidbits about liz claman. i enjoyed it too, adam, go back to that. [laughter] a hot stock to watch, and that's walter. when you look at walter energy, basically, we've been hearing that bhp billiton are said to be eyeing the coal producer, so this is according to british newspapers about whether or not anonymous sources are saying that bhp is stepping in. then there's others who are saying that it's glencore. everybody wants to take over walter industries, this is all, of course, just speculation that we're reading from the sources and on the wires, and that explains why you see this coal producer jumping 6%. big move for walter energy today, back to you. liz: nicole, suddenly the dow has doubled its gains, we were up about 14, 15 points, we're now up 31, 32. sandra, what are you looking at? >> i want to bring up an intraday chart, and while a 32-point gain isn't substantial, it is the highs of se
of the new york stock exchange. nicole: $1.2 billion share repurchase. they are buying back shares from the estate of a longtime shareholder. here is a look at stocks this morning. very busy. it was halted for news. there is the stock right now. almost $134,000 a share. of almost 2.5%. let's take a look at the broader market average. the dow is up five days in a row. traders say that the trend continues to the upside. the dollar is lower. back to you. connell: you mentioned bad day. first, the latest from capital hill. they say we are over the fiscal cliff, unless tax rates go up. the sign will come from the fed. we will know in the next 90 minutes. former atlanta fed joins us now. how is the decision connected, do you think, to the fiscal cliff? >> it has to do with balancing risks. they do not want to risk the recovery that we have underway already, even though it is slow. i expect two things. first, they will not change policy. they will continue quantitative easing. they will probably stop operation twist. simply because they do not have anyone short-term securities of any significa
. we will begin with nicole petallides at the new york stock exchange. good morning. nicole: we did have a moment of silence for those in morning. our nation is in morning. let's take a look at the names on the move this morning. you can see some accelerated selling. 13% to the downside. it has been virtually flat. clearwater for $2.99. it is even below that particular level. we knew that sprint are ready to part of it. here is some economic news. not that great. it was down again. five months in a row. in japan, they had a big election. a lot of people have been hot on that. there is a look at the dow. drug and bank stocks doing well. back to you guys. connell: we will talk to you about the latest developments in the debt to go stations. john boehner with a new offer on the table for the president. essentially, a billionaires tax. the speaker laying down a trillion dollars in new tax revenue with that offer. only in return with spending cuts from the president. time to make a deal, do you figure? >> yes. i actually think the horrible tragedy in connecticut will contribute to making
. >> in times of stress, this economy turns to the new york stock exchange. there is a reason there is an american flag wrapped around the front of this building. charlie: you are committed to the floor traders, keeping them here? >> absolutely. connell: charlie live now from the floor. pretty big day down there, obviously. charlie: i am blown away by this story. we were pretty much on this thing from the get go. this was on a merger. the initial reports coming out of the, i believe, "wall street journal." this is a 200-year-old institution being taken over by a company from atlanta that has been in business for the last 12 years. this is amazing. that is like the glass half empty or half full power. about another year ago, we were talking about, and a lot of people moaning about a german institution taking over the new york stock exchange. that says something about america's dominance in world finance. we are seeing an entrepreneurial company now taking over the stock exchange. that is not bad. that is what american capitalism is all about. that is something to be celebrating
our fox business studios in new york, you're again is gerri willis. gerri: connecticut officials are warning of possible charity scams in the wake of the sandy hook tragedy. here with what to look out for when donating, ken berger, a charity navigator, president ceo. i was shocke by this. to tell you the truth, bit appalled. what should people be looking out for and how difficult is it to identify one of these cameras? >> unfortunately it always seems to happen during these tragedies. well, a variety of ways to look out. one is, we have talked before about watching out for phone calls. more often than not stammers that way. people think that is the charity it does not mean anything. you have people on the street as for cash, and even if they came to view the charity you have heard of, cash is a great way for them to abuse you. there are a host of these kind of things. gerri: you say soundalike names. people will take the name of the tragedy and turned it into -- they're calling it a charity and it may be as camp. >> and create brad new websites all the time, thousands of them, sp
, a sign of a new era for banks? >> walmart is once again the target of a "new york times" investigation. but does the paper add anything new and can the stock outperform just as it did last time. >> private equity firm server said it will sell the firearms conglomerate. is private equity talking about guns in the country. >> futures moving higher on optimism. the white house republicans rising above partisanship, getting closer to striking a deal on the fiscal cliff. we have the latest on not just the breakdown of this offer, but by the response of some key senators this morning. good morning. >> yeah, that's right, carl. we saw the offer come in late last night and now we're seeing reaction early this morning. let me walk you through first of all of what the president laid down on the table yesterday, starting with taxes. the president is proposing now $1.2 trillion in new revenue increases, tax increases on individual income. that's lower than his initial offer after the election of 1.6 and revised of 1.4. so he's coming down on that. now he would like to extend the bush tax cuts for
monday morning. welcome to "squawk on the street." we are live from the new york stock exchange. let's take a look at the u.s. futures set up for the open first of the week. dow looking at about 50 points right after the open. as for the action in europe, taking its cues from the united states. we'll see a big rally in china extending one of its biggest rallies in three years. we have a mixed bag in europe with italy up by about .2 of 1%. >> we'll do our best to keep focused on the business day. we'll be following the tragic shooting in connecticut, of course. the new york stock exchange will hold a moment of silence to honor the victims in the next few moments, and we'll be looking at the president's call for meaningful action and the politics of gun control. >> let's get to a road map for this morning. it starts with apple. under pressure once again. even dipping below $500 a share at some point this morning. shares will remain range bound near term. iphone 5 sales and cannibalization among the region. >> other concessions from the gop, the speaker proposing tax hikes for millionai
offer for that retailer, but is that the best move? my partner, sue herera at the new york stock exchange for us. sue? >> ty, it is a little bit after down side bias today. investors are losing enthusiasm over the fed's move. and more specifically, the employment rate. right now, the dow is down 57 points on the trading session. most of that drop cake after mr. boehner made comments about the continues impasse in trying to resolve the fiscal cliff. s&p down 23, down three quarters percent. and the nasdaq is down about half a percent. bob joins me on the floor of the nyse. the market is very undecided about what is happening in washington. what the feds know that perhaps we don't know. >> we are getting smacked around by these two separate events. the fiscal cliff as well as aftermath of what went on with the fed. i think the fed is still very important here. take a look the dow industrials. remember, we started moving down right after we saw mr. bernanke give his press conference. we talked about fiscal cliff having problems, not having the tools to deal with the fiscal cliff. th
♪ ♪ imus, imus, imus in the morning ♪ >> moments ago the new york stock exchange observed a moment of silence following the events in connecticut last friday. it was a somber moment in the financial world. ten minutes from now, trading will begin and these are the stories which we will concentrate on this monday morning. speaker boehner says, go ahead, raise tax rates on millionaires, that's a retreat. it's a new offer from john boehner, a higher tax rate on incomes over a million a year. gas prices really falling fast. in the whole state of missouri the average is 2.94. nine states are within a few cents of breaking below $3 a gallon. and yes, it's the monday after the connecticut shooting and father jonathan morris is here for "varney & company." scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just
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